PRODUCTION INDEX

The production index slipped again in the week ended Aug. 30. Before

calculation of the four-week moving average the index dropped to 124.6, from

125.9 in the previous week. The seasonally adjusted output of autos, trucks,

electric power and coal all helped to drag the index down. For the month of

August, rail-freight traffic was sluggish due to the United Parcel Service

strike and was partly responsible for the month's decline to 125.9 from 126.1

in July.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                        LATEST    WEEK      YEARLY
                                                        WEEK      AGO       % CHG
      STEEL (9/6) thous. of net tons                    2,170     2,171#    9.9
      AUTOS (9/6) units                                 96,017    117,649r# -9.7
      TRUCKS (9/6) units                                100,020   121,270r# 1.5
      ELECTRIC POWER (9/6) millions of kilowatt-hrs.    69,145    71,138#   1.0
      CRUDE-OIL REFINING (9/6) thous. of bbl./day       15,329    15,410#   6.3
      COAL (8/30) thous. of net tons                    20,882#   21,272    -1.3
      LUMBER (8/30) millions of ft.                     496.6#    483.2     -2.1
      RAIL FREIGHT (8/30) billions of ton-miles         27.3#     27.2      -1.4
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA*, SFPA**, 
      Association of American Railroads
      
      LEADING INDICATORS
                                              LATEST    WEEK      YEARLY
                                               WEEK      AGO       % CHG
      STOCK PRICES (9/5) S&P 500              929.05    899.47     41.7
      CORPORATE BOND YIELD, Aaa (9/5)         7.25%     7.28%      -6.5
      INDUSTRIAL MATERIALS PRICES (9/5)       106.9     106.9      -3.4
      BUSINESS FAILURES (8/29)                NA        NA         NA
      REAL ESTATE LOANS (8/27) billions       NA        NA         NA
      MONEY SUPPLY, M2 (8/25) billions        $3,970.0  $3,966.2r  5.4
      INITIAL CLAIMS, UNEMPLOYMENT            326       324r       1.9
       (8/30) thous.
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                           LATEST       WEEK       YEARLY
                                            WEEK         AGO        % CHG
      GOLD (9/10) 
      
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